It has been determined by CRS and the attorneys that the Associations reserves are in an underfunded status and must be increased to a funded level
In the coming years the Association will be required to replace many retaining walls that hold up the units on the hill estimated at a cost of over $30,000. Concrete in several areas will require attention. Additionally when the painters examined the units it was discovered that many needed exterior wood panels replaced. Many chimneys have deteriorated and have required extensive repairs. In decades to come roofs will again need replaced.
With the Associations rising costs and modified reserve funding, the 2019 budget will be dramatically increased. It is the Associations intention that regular assessments take the reserves to a funded level.
Items such as insurance costs, painting of units over the next 3 years and every 7-9 years thereafter, maintenance (i.e.boards, gutters, roofs, chimney leaks, bird holes), snow removal, landscaping, tree cutting, etc. will be fully funded without the need for special assessments in the future. (Barring a disaster of course)
Beginning June 1, 2019, regular monthly assessments will increase. The board approved the 2019 budget increase at the January 2019 board meeting.*
*Assessments are calculated by adding the regular yearly budget amount to the budgeted reserve amount in the CRS Reserve Study, and multiplying it by each unit owners percentage of ownership in the association then dividing the result by 12 to get the monthly amount.